DURECT Form 4: Director R. Scott Asen Purchases 204K Shares

Rhea-AI Filing Summary

R. Scott Asen, a director of DURECT Corp (DRRX), reported purchases of the company's common stock on August 20-21, 2025. The filings show he acquired 87,608 shares on 08/20/2025 at $1.8875 per share and 116,612 shares on 08/21/2025 at $1.8978 per share. Following the reported transactions, the Form indicates beneficial ownership figures of 970,000 shares (reported as indirect) and 2,666,612 shares (reported as direct) after the respective transactions. The filing also discloses that Mr. Asen is deemed beneficial owner of 30,000 shares through The Asen Foundation and 940,000 shares indirectly as President of Asen & Co., which provides advisory services and holds voting and dispositive power for certain managed accounts. The reporting person signed the Form on 08/22/2025.

Positive

• Director purchases shares totaling 204,220 shares across 08/20/2025 and 08/21/2025, indicating insider accumulation.
• Complete disclosure of transaction dates, share amounts, prices, and beneficial ownership sources (Foundation and Asen & Co.).

Negative

• None.

Insights

Securities Analyst

TL;DR: A company director made two open-market purchases totaling 204,220 shares at roughly $1.89, increasing reported direct and indirect holdings.

The transactions are straightforward purchases reported on Form 4, showing active insider accumulation across two consecutive days. The split between indirect and direct beneficial ownership is clarified in the explanatory footnote: 30,000 shares via a foundation and 940,000 shares via advisory-managed accounts, while the post-transaction totals reported are 970,000 (indirect) and 2,666,612 (direct) on the respective lines. For investors, such purchases by a director are a disclosed insider activity but the filing contains no further financial or operational context about DURECT Corp.

Corporate Governance Expert

TL;DR: Governance disclosure is complete for these transactions and identifies the reporting person nd indirect ownership sources.

The Form 4 clearly identifies the reporting person, relationship to the issuer, transaction dates, quantities, prices, and the nature of indirect ownership. The explanation notes trustee authority over a foundation and advisory powers through Asen & Co., with a standard disclaimer of beneficial ownership except for pecuniary interest. No amendments or plans (e.g., Rule 10b5-1) are indicated. From a governance perspective, the filing meets Section 16 disclosure requirements and provides investors with necessary transparency on the director nd related-party holdings.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

ASEN R SCOTT

(Last) (First) (Middle)

222 1/2 EAST 49TH STREET

(Street)

NEW YORK NY 10017

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
DURECT CORP [ DRRX ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	X	10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/20/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	08/20/2025		P		87,608	A	$1.8875	970,000	I	See Footnote(1)
Common Stock	08/21/2025		P		116,612	A	$1.8978	2,666,612	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. The reporting person is deemed to be the beneficial owner of 30,000 shares of Common Stock of The Asen Foundation (the "Foundation") by virtue of being a Trustee of the Foundation and possessing investment authority for the Foundation. The reporting person is deemed to be the beneficial owner of 940,000 shares of Common Stock as President of Asen & Co which provides certain advisory services to managed accounts of Asen & Co., which advisory services include the power to vote and dispose of the shares of Common Stock. The reporting person disclaims beneficial ownership of the shares held indirectly except to the extent of his pecuniary interest.

	/s/ R. Scott Asen	08/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transactions did DRRX director R. Scott Asen report on Form 4?

The Form 4 reports purchases of 87,608 shares on 08/20/2025 at $1.8875 and 116,612 shares on 08/21/2025 at $1.8978.

How many DRRX shares does R. Scott Asen beneficially own after the reported transactions?

The filing shows post-transaction amounts of 970,000 shares (indirect) on one line and 2,666,612 shares (direct) on another line following the respective reported purchases.

Why is part of Mr. Aseneneficial ownership listed as indirect?

The explanation states he is deemed beneficial owner of 30,000 shares via The Asen Foundation as a Trustee and 940,000 shares via Asen & Co. where he is President and has advisory authority over managed accounts.

Were any derivative transactions reported by the insider in this Form 4?

No. Table II for derivative securities contains no reported transactions; only non-derivative common stock purchases are listed.

When was the Form 4 signed by the reporting person?

The Form 4 is signed by /s/ R. Scott Asen on 08/22/2025.